State pilot program aimed at fixing blight, adding owner-occupied housing

A new Tennessee Housing Development Agency (THDA) program has local nonprofits, city leaders and others hopeful that affordable housing could be more economical to build.

On Thursday, the City of Memphis and THDA announced that Memphis, Chattanooga and Oak Ridge were chosen to participate in a $500,000 appraisal gap program, which would cover the difference, if there is one, between what it costs to build or fix-up affordable, single-family housing and what it sells for.